XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.25.3

Long-Term Debt | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt A summary of long-term debt follows (in millions):
|  | September 30, 2025 |  | December 31, 2024
Senior secured term loan (1) |  | $ | 1,377.8 |  |  | $ | 1,388.1 |
Senior secured revolving credit facility |  | 287.0 |  |  | 192.0 |
7.250% senior unsecured notes due 2032 |  | 800.0 |  |  | 800.0 |
Notes payable and other secured loans |  | 220.7 |  |  | 224.4 |
Finance lease obligations |  | 908.9 |  |  | 798.7 |
Less: unamortized debt issuance costs and discounts |  | (30.8) |  |  | (32.9) |
Total debt |  | 3,563.6 |  |  | 3,370.3 |
Less: current maturities |  | 103.0 |  |  | 101.4 |
Total long-term debt |  | $ | 3,460.6 |  |  | $ | 3,268.9 |
(1)Includes unamortized fair value discount of $1.3 million and $1.4 million as of September 30, 2025 and December 31, 2024, respectively. Second Amendment to Credit Agreement On August 13, 2025 (the “Amendment Effective Date”), SP Holdco I, Inc., a Delaware corporation (“Holdings”), Surgery Center Holdings, Inc., a Delaware corporation (the “Borrower”), each a wholly-owned subsidiary of the Company, and certain wholly-owned subsidiaries of the Borrower party thereto (the “Subsidiary Guarantors”), entered into a second amendment to credit agreement (the “Second Amendment”), with Jefferies Finance LLC, as fronting bank, the administrative agent and the collateral agent, and the other financial institutions party thereto, which amends that certain credit agreement, dated as of December 19, 2023, and amended on June 20, 2024, by and among Holdings, the Borrower, Jefferies Finance LLC, as administrative agent and collateral agent, and the other financial institutions party thereto from time to time (the “Credit Agreement”). The Second Amendment provides for a new tranche of term loans under the Credit Agreement in an aggregate principal amount of $1,383 million (the “2025 Refinancing Term Loans”), which 2025 Refinancing Term Loans replace or refinance in full all of the existing term loans outstanding under the Credit Agreement (as in effect immediately prior to the Second Amendment), and (ii) refinance in full all of the existing revolving credit commitments and outstanding revolving loans under the Credit Agreement (as in effect immediately prior to the Second Amendment), all as further set forth in the Second Amendment. The 2025 Refinancing Term Loans mature on December 19, 2030 and the refinanced revolving credit commitments and refinanced revolving loans mature on December 19, 2028. The 2025 Refinancing Loans shall bear interest at a rate per annum equal to (x) the forward-looking term rate based on Secured Overnight Financing Rate (“Term SOFR”) plus 2.50% per annum or (y) an alternate base rate (which will be the highest of (i) the prime rate, (ii) the federal funds effective rate plus 0.5% per annum and (iii) Term SOFR plus 1.00% per annum (which shall not be less than 1.00%)) plus 1.50% per annum. The 2025 Refinancing Term Loans amortize in equal quarterly installments of 0.25% of the aggregate original principal amount of the 2025 Refinancing Term Loans (such amortization payments will commence on or around the last business day of the fiscal quarter ending September 30, 2025). Voluntary prepayments of the 2025 Refinancing Term Loans are permitted, in whole or in part, with prior notice, without premium or penalty (except a 1.00% call premium in the case of certain repricing events occurring prior to the sixth month anniversary of the Second Amendment Effective Date). In connection with the Second Amendment, the Company recorded debt issuance costs and discount of $1.6 million, and a debt extinguishment loss of $1.3 million which is included in loss on debt extinguishment in the accompanying condensed consolidated statement of operations for the three and nine months ended September 30, 2025. The loss on debt extinguishment includes the partial write-off of unamortized debt issuance costs and discounts. Revolving Credit Facility As of September 30, 2025, the Company's availability on its $703.8 million senior secured revolving credit facility (the "Revolver") was $405.9 million (including letters of credit of $10.9 million). The increase in outstanding borrowings on the Revolver compared to December 31, 2024 was primarily due to timing of acquisitions and changes in working capital.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration